Insurer VitalityLife has today (19 February) announced it paid out more than £28m on life, serious illness and income protection products in 2015.
VitalityLife paid 98 per cent of life claims, 95 per cent of serious illness claims and 96 per cent of income protection claims in 2015 with 790 claims paid in total across all products.
The average age for claimants was 59 for life cover and 46 for serious illness cover.
A total of 63 per cent of life cover claimants were male and 52 per cent of serious illness cover claimants were female.
In total, 790 claims were paid with a combined total of £28,654,324.
Deepak Jobanputra, deputy chief executive at VitalityLife, said: “The primary aim of our business is to provide peace of mind to our customers while encouraging them to become healthier. I believe these claims statistics reinforce the real value protection products can provide customers and their families in a time of need.”
Emma Thomson, head of customer care at LifeSearch, said: “The ongoing publication of paid claims statistics and case studies is a vital part of proving that protection insurance really does pay out. Many people still underestimate the value of financial insurance so it’s great to see VitalityLife delivering on its promises.”
Percentage of claims paid in 2015
2015 | % paid | % declined | Non-disclosure | Not covered/condition not met |
Life Cover | 98% | 2% | 0.0% | 2% |
Serious Illness Cover | 94.6% | 5.4% | 0.3% | 5.1% |
Income Protection Cover | 96% | 4% | 0.0% | 4% |
Yesterday (18 February), Cirencester Friendly reported it paid out more than £3m in sick pay benefit over the course of 2015.
According to the pay-out data from the friendly society, it paid 94 per cent of all claims in 2015.
Earlier this week, Holloway Friendly saw a modest increase in the amount of income protection claims paid during 2015.
The insurer paid 96.9 per cent of all income protection claims in 2015, an increase of almost 1 per cent over the 96 per cent paid out in 2014.
In September last year, Vitality released its annual results for the year ending June 2015 showing a 16 per cent increase in pre-tax operating profit to £42.8m across its two brands, VitalityHealth and VitalityLife in the first year of operations since its rebrand last November.
ruth.gillbe@ft.com
